The market snapped three weeks winning streak to post losses in the week ended Thursday, 20 December 2007 on profit booking in index pivotals. It saw high volatility throughout the week. The market posted gains in 2 out of 4 trading sessions in the week. Global markets were subdued during the week.
The 30-share BSE Sensex declined 868.26 points or 4.33% to 19,162.57 in the week ended Thursday, 20 December 2007. The S&P CNX Nifty slipped 281.20 points or 4.64% to 5,766.50 in the week.
Trading for the week started on weak note with the market undergoing major correction on Monday, 17 December 2007. The 30-share BSE Sensex plunged 769.48 points or 3.84% to 19,261.35 tracking weak global markets.
Sensex slipped 181.71 points or 0.94% to 19,079.64 on Tuesday, 18 December 2007 in volatile trading session. FMCG, healthcare and consumer durable stocks gained. Banking, metal and capital goods stocks edged lower.
On Wednesday, 19 December 2007, Sensex rose 12.32 points or 0.06% to 19,091.96, amid mixed trend in index pivotals.
The Sensex rose 70.61 points or 0.37% to 19,162.57 on Thursday, 20 December 2007, as profit booking erased some of early gains, in volatile trade. Global cues were mixed.
The market remains closed on Friday, 21 December 2007 on account of Bakri Id.
India's largest private sector firm by market capitalization & oil refiner Reliance Industries declined 4.17% to Rs 2714.70 in the week. As per reports, Reliance Industries (RIL) has paid advance tax of Rs 1045 crore in the third quarter ended 15 December 2007 compared to Rs 440 crore in the corresponding quarter of the previous year.
State Bank of India declined 5.39% to Rs 2265.20 in the week. It shelled out Rs 1090 crore as advance tax for the third installment, up 26.7% over the tax it paid in the corresponding period in the previous year.
India's biggest power generation firm by revenue NTPC slipped 6.77% to Rs 229.40 75 in the week. The company is reportedly in active talks with more than one foreign power generation company for acquiring assets in excess of $1 billion (Rs 3,960 crore).
India's biggest commercial vehicle maker in terms of market share, Tata Motors edged lower by 6.44% to Rs 710.90 75 in the week. The company considered a front-runner to buy Ford Motor Co's luxury Jaguar and Land Rover brands, will unveil the world's cheapest car at an auto show in India next month. Tata Motors will showcase its $2,500 car at the Auto Expo in New Delhi on 10 January 2008, with a commercial launch planned for later in 2008.
Reliance Communications slumped 7.30% to Rs 706.50 75 in the week. It completed the acquisition of US-based Yipes Holdings that would give the company access to a Rs 4,00,000 crore global enterprise data market.
Reliance Energy (REL) rose 1.48% to Rs 1939.85 75 in the week. The company is reportedly planning to foray into Africa. It is believed to be in talks with the governments of Botswana, Tanzania and Zambia for setting up generation capacities of over 1,000 megawatt (MW). The company's African Safari will be followed by a bid for a 1,200 MW greenfield project at Yanbu in Saudi Arabia, the reports added.
Thomas Cook (India) surged 58.75% to Rs 120.65 75 in the week. The stock surged on reports that it is going in for a private placement of over Rs 100 crore. However the company denied it after market hours on 19 December 2007.
IFCI tumbled 31.72% to Rs 76.75 in the week after the company, on Wednesday, 19 December 2007, called off the exercise to rope in a strategic partner through the private placement of 26% equity stake.
Annual inflation, based on the wholesale price index (WPI), rose 3.65% in the week ended 8 December 2007, lower than previous week's 3.75% rise.
The country's gross domestic product (GDP) growth can be scaled up to 10% by 2012 with the right set of policies, but the subprime crisis in the US might impact exports and capital flows, prime minister Manmohan Singh said on Wednesday, 19 December 2007, at a meeting of state chiefs and other top policymakers.
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